Pembroke Management

Pembroke runs a concentrated, benchmark-agnostic equity strategy centered on buying businesses run by aligned, owner-operator management teams. The firm looks for durable competitive advantages, high returns on capital, and long reinvestment runways. It holds a tight portfolio of roughly 20 names, which allows each position to meaningfully influence returns, and has shown a willingness to exit even high-quality names when valuations outstrip intrinsic value, as demonstrated by its 2021 sales of high-growth software stocks.

Pembroke Private Wealth Management is a wholly owned subsidiary of Pembroke Management, established in 1988, two decades after the parent company's 1968 launch. The parent entity manages institutional accounts, while the subsidiary extends portfolio management, retirement, tax, and estate planning services to Canadian high-net-worth individuals and families. Both arms draw on the same fundamental research process and concentrated equity philosophy.

Investment decisions are executed by the firm's investment team, with portfolio manager Andrew Garschagen serving as a key voice in public commentary, including authoring the quarterly 'Portfolio Actions' reports that detail new positions, exits, and strategy rationale. Specifics on additional named principals or a formal CIO role are not publicly disclosed by the firm.

All sourced evidence points to Pembroke operating as a public-equities manager. Its disclosed positions include listed companies such as Tecsys, Altus Group, Chart Industries, and Ollie's Bargain Outlet. The firm also holds biotech names like Castle Biosciences and materials plays like Danimer Scientific. There is no public record of direct private investments, co-investments, or fund commitments outside of its publicly traded portfolio.

Yes. In early 2025, the Caisse de dépôt et placement du Québec, one of Canada's largest pension fund managers, announced that it had entrusted Pembroke Management with a $250 million investment mandate. The announcement was published directly on the firm's website, signaling continued institutional validation of its equity strategies.

Pembroke's portfolio is heavily weighted toward North American equities. Disclosed holdings span Canadian companies like Tecsys and Sangoma Technologies alongside U.S.-listed businesses such as Ollie's Bargain Basement, Castle Biosciences, and Chart Industries. The firm itself operates from offices in Montreal and Toronto, and its funds are available only to Canadian residents on the private wealth side.

Pembroke exits positions when the valuation case breaks, even for businesses it still views as high-quality. In 2021, the firm sold a basket of high-growth software names — including Alteryx, Avalara, MongoDB, and Paycom — after concluding that the prevailing multiples could no longer be justified under appropriately raised discount rates. The team described it as a bottom-up valuation decision, not a macro call, and noted they would re-enter at the right price.